No one plans on getting in over their heads in debt, but it can happen even when a person is diligent in avoiding it. Unexpected job losses, illnesses and injuries can all take their toll on a person’s finances. Though ignoring the problem will not make it go away, there are solutions that can help. Hiring a lawyer can allow people to learn about their rights concerning filing for bankruptcy.
There are two main bankruptcy options individuals and married couples can file. To find out which one will be most beneficial, it is important a person meets with a Lawyer in Topeka KS. The lawyer can review a person’s financial records and assist them in making the right decision for their financial needs.
Chapter 13 can help a person overcome their debt by combining all of their debts under the bankruptcy. Debts that are covered prevent creditors from pursuing a person in any manner. Creditors cannot garnish a person’s wages or take them to court.
This type of bankruptcy can also fix a mortgage payment that is in arrears or prevent repossession of a vehicle. Through chapter 13, people will simply need to pay a monthly payment to the court each month. This amount is distributed among all of the creditors the person owes. The period for this bankruptcy normally lasts between two and five years.
There is also the option of filing for chapter 7. Chapter 7 works differently than the other type of bankruptcy and allows a person to settle their debt in as little as six months. Instead of paying monthly payments to the court, the person must surrender some of their non-essential property to be sold to pay off their debts.
Chapter 7 is settled through the aid of a court-appointed trustee. The trustee has the power to absolve debts and works with creditors to get them paid. If no non-essential property is owned, the trustee can offer debt forgiveness.
To learn more about your options for filing for bankruptcy, contact the office of Joe Wittman Topeka KS. He can offer debtors the legal services they need to finally overcome their debts once and for all.
